vs
Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and IonQ, Inc. (IONQ). Click either name above to swap in a different company.
Black Stone Minerals, L.P. is the larger business by last-quarter revenue ($95.2M vs $61.9M, roughly 1.5× IonQ, Inc.). IonQ, Inc. runs the higher net margin — 1217.8% vs 75.9%, a 1141.9% gap on every dollar of revenue. On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs -8.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
IonQ, Inc. is an American quantum computing hardware and software company headquartered in College Park, Maryland. The company develops general-purpose trapped ion quantum computers and accompanying software to generate, optimize, and execute quantum circuits.
BSM vs IONQ — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $61.9M |
| Net Profit | $72.2M | $753.7M |
| Gross Margin | — | — |
| Operating Margin | 78.6% | -369.4% |
| Net Margin | 75.9% | 1217.8% |
| Revenue YoY | -8.7% | 428.5% |
| Net Profit YoY | 55.8% | 473.1% |
| EPS (diluted) | — | $2.60 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $95.2M | $61.9M | ||
| Q3 25 | $105.2M | $39.9M | ||
| Q2 25 | $106.7M | $20.7M | ||
| Q1 25 | $115.3M | — | ||
| Q4 24 | $104.3M | $11.7M | ||
| Q3 24 | $103.2M | $12.4M | ||
| Q2 24 | $115.2M | $11.4M | ||
| Q1 24 | $116.8M | — |
| Q4 25 | $72.2M | $753.7M | ||
| Q3 25 | $91.7M | $-1.1B | ||
| Q2 25 | $120.0M | $-176.8M | ||
| Q1 25 | $15.9M | — | ||
| Q4 24 | $46.3M | $-202.0M | ||
| Q3 24 | $92.7M | $-52.5M | ||
| Q2 24 | $68.3M | $-37.6M | ||
| Q1 24 | $63.9M | — |
| Q4 25 | 78.6% | -369.4% | ||
| Q3 25 | 89.5% | -423.5% | ||
| Q2 25 | — | -776.0% | ||
| Q1 25 | 14.9% | — | ||
| Q4 24 | 45.6% | -661.9% | ||
| Q3 24 | 90.2% | -428.5% | ||
| Q2 24 | 59.5% | -430.0% | ||
| Q1 24 | 54.8% | — |
| Q4 25 | 75.9% | 1217.8% | ||
| Q3 25 | 87.2% | -2646.3% | ||
| Q2 25 | 112.5% | -854.5% | ||
| Q1 25 | 13.8% | — | ||
| Q4 24 | 44.4% | -1725.0% | ||
| Q3 24 | 89.9% | -423.4% | ||
| Q2 24 | 59.3% | -330.0% | ||
| Q1 24 | 54.7% | — |
| Q4 25 | — | $2.60 | ||
| Q3 25 | — | $-3.58 | ||
| Q2 25 | — | $-0.70 | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-0.95 | ||
| Q3 24 | — | $-0.24 | ||
| Q2 24 | — | $-0.18 | ||
| Q1 24 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.5M | $2.4B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $3.8B |
| Total Assets | $1.3B | $6.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $2.4B | ||
| Q3 25 | $2.9M | $1.1B | ||
| Q2 25 | $2.5M | $546.9M | ||
| Q1 25 | $2.4M | — | ||
| Q4 24 | $2.5M | $340.3M | ||
| Q3 24 | $21.0M | $365.7M | ||
| Q2 24 | $26.7M | $369.8M | ||
| Q1 24 | $40.5M | — |
| Q4 25 | — | $3.8B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $383.9M | ||
| Q3 24 | — | $435.7M | ||
| Q2 24 | — | $463.3M | ||
| Q1 24 | — | — |
| Q4 25 | $1.3B | $6.6B | ||
| Q3 25 | $1.3B | $4.3B | ||
| Q2 25 | $1.3B | $1.3B | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.2B | $508.4M | ||
| Q3 24 | $1.2B | $497.9M | ||
| Q2 24 | $1.2B | $517.4M | ||
| Q1 24 | $1.2B | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $65.1M | $-74.5M |
| Free Cash FlowOCF − Capex | — | $-83.3M |
| FCF MarginFCF / Revenue | — | -134.6% |
| Capex IntensityCapex / Revenue | — | 14.2% |
| Cash ConversionOCF / Net Profit | 0.90× | -0.10× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-307.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | $-74.5M | ||
| Q3 25 | $99.8M | $-123.1M | ||
| Q2 25 | $80.5M | $-52.6M | ||
| Q1 25 | $64.8M | — | ||
| Q4 24 | $91.0M | $-39.4M | ||
| Q3 24 | $93.2M | $-19.2M | ||
| Q2 24 | $100.4M | $-26.6M | ||
| Q1 24 | $104.5M | — |
| Q4 25 | — | $-83.3M | ||
| Q3 25 | — | $-127.2M | ||
| Q2 25 | — | $-53.8M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-43.0M | ||
| Q3 24 | — | $-23.0M | ||
| Q2 24 | — | $-34.1M | ||
| Q1 24 | — | — |
| Q4 25 | — | -134.6% | ||
| Q3 25 | — | -319.1% | ||
| Q2 25 | — | -259.8% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -367.4% | ||
| Q3 24 | — | -185.3% | ||
| Q2 24 | — | -299.3% | ||
| Q1 24 | — | — |
| Q4 25 | — | 14.2% | ||
| Q3 25 | — | 10.4% | ||
| Q2 25 | — | 5.8% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 30.7% | ||
| Q3 24 | — | 30.4% | ||
| Q2 24 | — | 65.8% | ||
| Q1 24 | — | — |
| Q4 25 | 0.90× | -0.10× | ||
| Q3 25 | 1.09× | — | ||
| Q2 25 | 0.67× | — | ||
| Q1 25 | 4.07× | — | ||
| Q4 24 | 1.96× | — | ||
| Q3 24 | 1.01× | — | ||
| Q2 24 | 1.47× | — | ||
| Q1 24 | 1.63× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BSM
| Oil Reserves | $46.4M | 49% |
| Natural Gas Reserves | $44.1M | 46% |
| Real Estate | $4.7M | 5% |
IONQ
| Other | $31.2M | 50% |
| Platform Consulting And Support Services | $30.7M | 50% |
